The last few weeks have been interesting in the crypto market as Bitcoin and most altcoins continue to rise, breaking new resistance levels daily. Bitcoin made it above $40,000, the highest since the emergence of the digital currency.
However, there has been a bloodbath in the crypto market in the last few hours as Bitcoin crashed by about $7,000 within 12 hours. This made a number of newbies in the crypto space panic but analysts have warned that they should not fall prey by selling their crypto while the whales continue to take advantage of the dip to hodl.
In a similar pattern, respected crypto analyst Josh Rager commented on the plunge.
Rager mentioned that he has no fear hodling Bitcoin in the long term despite the crash. However, the analyst cleared that he would be prudent about hodling altcoins, exempting one.
The crypto trader who is also the founder of blockroots.com said Bitcoin has failed in anchoring above $40,000 after the recent bounce.
Contrary to the expectation of many, especially followers of the crypto trader, Rager did not prediction what to expect in the crypto market in the next few days.
“We’ll see how the next day goes – exited all short term alt trades (spot),” Rager said.
In a statement that may serve as advice to many, Rager spoke on the coins he’d be hodling. He expressed that he would henceforth be prudent in his exposure (hodl) to altcoins, excluding Ethereum.
Rager furthered that he has no fear in hodling Bitcoin and Ethereum in the long term.
$BTC bounced but couldn't hold
We'll see how the next day goes – exited all short term alt trades (spot)
Naturally holding longer-term holds (including $BTC $ETH) – but certainly don't want to be overexposed on altcoins at the moment
— Josh Rager 📈 (@Josh_Rager) January 11, 2021
Bitcoin: Swing Trader Reveal Price Point He’ll Start Unloading
Amid the plummet in price, pseudonymous swing crypto trader ‘il Capo of Crypto’ expressed his thought about the trend of Bitcoin and the entire crypto market.
The crypto trader mentioned the point to watch out for, and if BTC falls below this point, he would start unloading his fund from the crypto market with the expectation that a massive crash would follow.
‘Il Capo of Crypto’ said based on his sentiment, 30k is the pivot point to watch out for. He explained that as long as Bitcoin stays above this point he would continue to buy more cryptocurrency, however, if it goes below this point, he would “start unloading.”
Overall, trader ‘Il Capo of Crypto’ believes that the bull trend would continue, and we’ll soon resume on the upside trend. Conclusively, he described the shakeout as a very healthy one.
Pivot is 30k. I keep adding above it. If price consolidates below this level, I will start unloading.
In my opinion, this shakeout is very healthy. Bull market will continue soon.
— il Capo Of Crypto (@CryptoCapo_) January 11, 2021